Daily Financial Regulation Update — Friday, November 4, 2022

PH FedACTion: Financial Regulatory Updates

Federal Agencies

U.S. Department of the Treasury

Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act

November 3, 2022

The U.S. Department of the Treasury and the Internal Revenue Service issued three additional notices requesting public input on key climate and clean energy tax incentives in the Inflation Reduction Act.

Deputy Secretary Adeyemo Convenes Roundtable Discussion on Small Business Priorities for an Improved and Modernized IRS

November 3, 2022

U.S. Deputy Secretary of the Treasury Wally Adeyemo kicked off a series of roundtable discussions with key stakeholders to get advice on improving and modernizing the IRS as part of the Inflation Reduction Act implementation.

Federal Reserve Board

Federal Reserve Board announces pricing for payment services the Federal Reserve Banks provide to depository institutions

November 3, 2022

The Federal Reserve Board on Thursday announced pricing, effective January 3, 2023, for payment services the Federal Reserve Banks provide to depository institutions, such as the clearing of checks, ACH transactions and wholesale payment and settlement services.

Federal Reserve Bank of New York

Statement Regarding Reverse Repurchase Agreement Small Value Exercise

November 3, 2022

The Federal Reserve Bank of New York Open Market Trading Desk issued a statement regarding repurchase agreement small value exercise.

Federal Deposit Insurance Corporation

Remarks by FDIC Acting Chairman Martin J. Gruenberg at the National Association of Affordable Housing Lenders

November 2, 2022

Federal Deposit Insurance Corporation Acting Chair Martin J. Gruenberg gave remarks at the National Association of Affordable Housing Lenders.

Securities and Exchange Commission

Investor Bulletin: Investor Resilience – World Investor Week 2022

November 3, 2022

The Securities and Exchange Commission published an Investor Bulletin entitled, “Investor Resilience – World Investor Week 2022.”

Commodity Futures Trading Commission

CFTC Recognizes the UK FCA for Cross-Border Enforcement Cooperation

November 3, 2022

The Commodity Futures Trading Commission recognized and expressed appreciation to the UK Financial Conduct Authority for taking actions that demonstrated critical cross-border cooperation to ensure the integrity of U.S. markets and markets abroad.

Consumer Financial Protection Bureau

Director Chopra’s Prepared Remarks at the Consumer Advisory Board Meeting

November 2, 2022

Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the Consumer Advisory Board meeting.

National Credit Union Administration

NCUA’s Hood: Addressing Inequality is An Urgent Priority

November 3, 2022

National Credit Union Administration Board Member Rodney E. Hood gave remarks that as federally insured credit unions embrace diversity and inclusion, they should go further and bridge society’s divides to better serve their members and communities and foster greater financial inclusion.

International

European Banking Authority

EBA publishes assessment on the application of the supporting factor to infrastructure lending

November 3, 2022

The European Banking Authority published a Report, which analyses some qualitative as well as quantitative aspects of the lending trends and riskiness of infrastructure loans which have benefitted from a capital reduction due to the introduction of the so-called infrastructure supporting factor under the Capital Requirements Regulation.

Bank of England

Monetary Policy Report – November 2022

November 3, 2022

The Bank of England released the quarterly Monetary Policy Report along with the summary and minutes of the Monetary Policy Committee meeting held on

Monthly Decision Maker Panel data – October 2022

November 3, 2022

The Bank of England released the data form the Monthly Decision Maker Panel for October 2022.

UK Financial Conduct Authority

Report: £12 million compensation to be paid to thousands of struggling borrowers

November 3, 2022

The UK Financial Conduct Authority published a report entitled, “Borrowers in financial difficulty following the coronavirus pandemic.”

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

• Chair – Vacant (Martin Gruenberg serves as Acting Chair)
• Vice Chairman – Travis Hill (nominated September 20, 2022)
• Member – Jonathan McKernan (nominated September 20, 2022)

Office of the Comptroller of the Currency

• Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

Appointments/Confirmation Hearings

• Vice Chair Lael Brainard (sworn in May 23, 2022)
• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)

Financial Crimes Enforcement Network

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Client Alerts

Legislation/Legislative Updates

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.

Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.

Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.